As is the norm when political events in uncivilized places become violent, stock and related commodity prices become volatile and usually overreact. This has certainly occurred with oil prices responding to developments in the Iran war. The U.S. administration has already waived the Jones Act to facilitate the delivery of foreign oil in foreign ships to U.S. ports and announced increased supply from the Naval oil reserve.
The United States is now an energy self-sufficient country, so concerns within the United States itself about the oil price are unfounded. The current spike in California is entirely the responsibility of successive state governments conducting an unholy war on the oil industry that has caused a drastic reduction of California’s oil refining capacity. However, even California will not long be troubled by this burden.
